Wealth Management

Retirement Planning

retirement planning

Retirement planning is crucial to ensuring you can maintain your lifestyle in retirement. Without proper planning, you risk outliving your savings and being unable to afford basic expenses.

Our retirement planning services will help you to assess your financial situation, determine your retirement income needs, and create a plan to achieve your goals. We can help you maximise your savings, minimise taxes, and create a retirement income stream that will last throughout your retirement.

retirement planning
retirement planning - peace of mind

Peace of Mind

Retirement planning can give you peace of mind by helping you prepare for the future. When you have a retirement plan in place, you can feel more confident about your financial security, which can reduce stress and anxiety.

Protect your loved ones

Financial Security

Retirement planning can help ensure that you have enough money to cover your expenses in retirement. By creating a retirement plan that accounts for your future income needs and expenses, you can avoid running out of money and maintain your standard of living in retirement.

Estate Planning - wills & trusts

Flexibility and Control

Retirement planning can give you greater flexibility to adapt to unexpected events or changes in your circumstances. By having a plan in place, you can make informed decisions about your retirement and adjust your plans as needed, giving you more control over your financial future.

How can a Financial Adviser help with Retirement Planning?

Assess your income, expenses, and goals to determine retirement savings needs

Create a customised retirement plan for achieving your financial goals

Identify tax-advantaged investment opportunities for your retirement plan

Develop a plan for generating retirement income whilst maximising your tax allowances

Adjust your retirement plan to accommodate changes in your circumstances along the way

Be there to answer any questions that you have about retirement planning

Frequently asked questions about retirement planning

The amount you should be saving for retirement depends on a variety of factors, including your current age, expected retirement age, desired retirement lifestyle, and expected expenses. A general rule of thumb is to aim to save at least 15% of your income each year for retirement. However, it’s important to consult with a financial adviser to determine a savings plan that is tailored to your individual needs and goals.

Consolidating your pension plans can be beneficial if you have multiple plans with different providers and want to simplify your retirement savings. By consolidating your plans, you can often reduce fees and administrative costs, as well as have a clearer understanding of your overall retirement savings. However, it’s important to consider the potential tax implications and any benefits or guarantees associated with your existing plans before making any decisions. It’s recommended to speak with a financial adviser to determine if consolidating your pension plans is the right choice for your specific situation.

A defined benefit pension plan provides a guaranteed retirement income based on a formula that takes into account factors such as salary and length of service. The employer is responsible for funding and managing the plan and assumes the investment risk. In contrast, a defined contribution pension plan is funded by both the employee and the employer, and the retirement income is based on the contributions made and the investment returns earned. The employee assumes the investment risk and has more control over how their contributions are invested. It’s important to understand the differences between these plans and how they work before making any decisions about your retirement savings.

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